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Reuters reports this morning that Wal-Mart Stores will invest $18 million (US) to open three stores in Shanghai, its first units in what is described as the "rich but intensely competitive eastern coastal arena."

To date, Wal-Mart has opened 31 stores in 15 Chinese cities.

Wal-Mart has some tough competition in China from France's Carrefour, which has 40 supermarkets in 21 cities, including six stores in Shanghai.
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